Ins 2.17(10)(f) (f) A responsible officer of the insurer, other than the illustration actuary, shall certify annually all of the following:

Ins 2.17(10)(f)1. 1. That the illustration formats meet the requirements of this section and that the scales used in insurer-authorized illustrations are those scales certified by the illustration actuary.

Ins 2.17(10)(f)2. 2. That the insurer has provided its agents with information about the expense allocation method used by the insurer in its illustrations and disclosed as required in par. (c) 6.

Ins 2.17(10)(g) (g) The annual certifications shall be provided to the commissioner each year by a date determined by the insurer.

Ins 2.17(10)(h) (h) If an insurer changes the illustration actuary responsible for all or a portion of the insurer’s policy forms, the insurer shall notify the commissioner of that fact within 30 calendar days and disclose the reason for the change.

Ins 2.17(11) (11) Penalties. In addition to any other penalties provided by the laws of this state, an insurer or agent that violates a requirement of this section is guilty of a violation of s. 628.34, Stats.

Ins 2.17 History History: Cr. Register, September, 1997, No. 501, eff. 1-1-98.

Ins 2.18 Ins 2.18 Life settlement contracts.

Ins 2.18(1) (1) Purpose. The purpose of this regulation is to interpret and implement s. 632.69, Stats.

Ins 2.18(2) (2) Definitions. In addition to the definitions contained in s. 632.69 (1), Stats., in this section:

Ins 2.18(2)(a) (a) “Commissioner” means the commissioner of insurance.

Ins 2.18(2)(b) (b) “Firm” means a corporation, partnership or other legal entity.

Ins 2.18(2)(c) (c) “Office” means the office of the commissioner of insurance.

Ins 2.18(2)(d) (d) “Term life insurance” means life insurance which provides coverage at a fixed rate of payment for a limited period of time and which provides no guaranteed nonforfeiture or endowment benefits.

Ins 2.18(3) (3) Licensing.

Ins 2.18(3)(a) (a) Application. An individual or firm applying for an initial or renewal license as a broker or provider shall submit an application to the office in the form prescribed by the office. With the application, the individual or firm shall submit all of the following:

Ins 2.18(3)(a)1. 1. If the applicant is a broker, with the initial application, a professional liability insurance policy in the amount of $1 million total annual aggregate for all claims during the policy period. Proof that the required professional liability insurance policy continues in force shall accompany each renewal application.

Ins 2.18(3)(a)2. 2. If the applicant is a provider, applicants shall provide satisfactory evidence of financial responsibility in compliance with s. 632.69 (2) (g) 4. a., Stats.

Ins 2.18(3)(a)3. 3. If the applicant is a provider, audited financial statements of the applicant for the most recently completed fiscal year. The financial statements shall be available for public inspection.

Ins 2.18(3)(a)4. 4. Electronic confirmation of completion of the training requirements under s. 632.69 (3), Stats., and sub. (4) if electronic confirmation is available. If electronic confirmation is not available the applicant shall provide evidence satisfactory to the commissioner of completion of the training requirements.

Ins 2.18(3)(a)5. 5. Any documentation required in answer to questions on the application.

Ins 2.18(3)(a)6. 6. If the applicant is an individual, his or her social security number or, if the applicant does not have a social security number, a statement made or subscribed under oath or affirmation that the applicant does not have a social security number, and a statement that he or she intends to act as a broker or provider in good faith and in compliance with all applicable laws of this state and rules and orders of the commissioner.

Ins 2.18(3)(a)7. 7. If the applicant is a firm applying for a broker’s license, the applicant must identify a designated responsible Wisconsin-licensed individual representative on the application.

Ins 2.18(3)(a)8. 8. If the applicant is a firm, its federal identification number, the state and year of its incorporation, or year of its formation and a statement that it intends to act as a broker or provider in good faith and in compliance with all applicable laws of this state, and with rules and orders of the commissioner and the courts of this state with respect to all matters pertaining to activities as a licensee.

Ins 2.18(3)(a)9. 9. If the applicant is an individual who is not a resident of this state or a firm that is not organized under the laws of this state, a statement that the applicant agrees to be subject to the jurisdiction of the commissioner and the courts of this state with respect to all matters pertaining to activities as a licensee and to accept service of process as provided under ss. 601.72 and 601.73, Stats. A firm that is organized under the laws of another state shall provide a certificate of good standing from the state of domicile.

Ins 2.18(3)(a)10. 10. Fingerprint identification may be required for individual resident broker applicants and the Wisconsin-licensed individual representative of a broker firm, in a format specified by the commissioner, and an electronic confirmation of criminal history from the Wisconsin department of justice, crime information bureau, and the federal bureau of investigation, to be completed not more than 180 days prior to making application.

Ins 2.18(3)(a)11. 11. Any other information requested by the office.

Ins 2.18(3)(a)12. 12. The fee specified under s. 601.31 (1) (mm) or (mp), Stats., as appropriate for a provider, or s. 601.31 (1) (mr) or (ms), Stats., as appropriate for a broker, which fee shall be nonrefundable.

Ins 2.18(3)(b) (b) Renewal application deadline. Applications for license renewal shall be submitted pursuant to par. (a) on or before July 1 of each year.